What is a Corporation?

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Category : > Corporation

Posted On : Wed Aug 26th,2009

Why should I register my business as c-corporation?

What is the definition of a corporation?

A Corporation is also referred to as a standard corporation. It is also called a C-Corporation or a Regular Corporation. A Corporation is a legal form of organization of persons and material resources, chartered by the state, for the purpose of conducting business and may have an unlimited number of shareholders, which may include shareholders who are foreign citizens. A Corporation may be public - one in which shares is offered for sale to the public or privately held - one in which shares is not sold to the public. Usually shares are held by the founders, by board members and by private investors, such as venture capitalists, who may or may not sit on the board of directors.

Shareholders are protected from the corporation's liabilities. "Double taxation" frequently occurs, because the corporation is taxed on its profits, and shareholders are also taxed on the distributions they receive, such as profit sharing payments or dividends

The most common type of incorporation is the C Corporation, which is a for-profit, state-incorporated business. A company registration is done with state authorities and must abide by corporate laws in the state where it is incorporated.

To incorporate or register company, you will need to register your business name, file a certificate of incorporation or articles of incorporation and pay a fee. You will also need to draft corporate bylaws and hold a board of director's meeting.

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Comments (9)

tina burton wrote on : Wed Dec 23rd,2009

Hi, I am an internet marketer, who has an online storefront, where I market products for suppliers. I work from my home. My question is what is the best suggestion for starting an internet business in which I want to incorporated and get all the benefits and tax savings of having a business at home, whether through scorp ccorp or llc
Thanks for your prompt answer

Reply : infotaxsquare.com

Dear Tina Burton,First we thank you for choosing InfoTaxSquare.com. Before advising you properly I need to know the following answers:

1. What state do you want to register your company?2. How many members or officers are going to be involved in your venture? 3. Could you please specify your business function in detail. Thanks.

Maria k Jones wrote on : Tue May 04th,2010

I created a C-Corporation in September 2009, I have an EIN and the list of officers has been filed with the state. Other than that, no business has transpired.

Reply : infotaxsquare.com

Filing yearly corporate return
and annual report are required for all entities.

Kelly wrote on : Tue May 04th,2010

Can we change company name and maintain our current account number?

Reply : infotaxsquare.com

Yes you can change the same
account number.

Gurov wrote on : Tue May 04th,2010

What are the differences between LLC and S corp?

Reply : infotaxsquare.com

While the S corporation's special tax status eliminates double taxation, it lacks the flexibility of an LLC in allocating income to the owners. An LLC may offer several classes of membership interests while an 'S' corporation may only have one class of stock.

Any number of individuals or entities may own interests in an LLC. However, ownership interest in an 'S' corporation is limited to no more than 100 shareholders. Also, 'S' corporations cannot be owned by 'C' corporations, other S corporations, many trusts, LLCs, partnerships, or nonresident aliens. Also, LLCs are allowed to have subsidiaries without restriction.

Hi,
I am person that is looking to start a adult toy delivery service in my state. i will have a website that will have the toys on hand and then I provide the comfort of delivery anytime of nite or day. I need to obtain a tax id number and I would like to know if your company can help with that. thank you kindly
I am in the state of New Mexico
and the city of Albuquerque.

Thanks for choosing InfoTaxSquare.com for your business needs. Can you please let us know what state are you in and the your function to advice for registering business?

charles bradberry wrote on : Fri Jan 20th,2012

i changed my trucking company to llc incorporated in January 2012. I bought another truck for my so to drive. and when i set this up i want told i had to change my name form D&D trucking to Dad And Daughter Trucking. I guest this was taking care of with the state dept. llc did this. but now I need to know how to go about getting this change done with the IRS and Federal. I only need the name change done. everything else will stay the same. the other truck has been runnig since october 2011. can you tell the steps I ned to take.

Reply : infotaxsquare.com
Dear Charles Bradberry:

Thanks for considering InfoTaxSquare.com for your business needs. You can use the following link to Change Company Name or call us at 516.822.3100 to place your order over the phone.

hey was interestested more about corporation just inhertaged one company a family one when my grand father died years ago i get when i turn thirty which is in july of this year so any help would be geat thank you jasmine ruano, ruano networking corporations

Reply : infotaxsquare.com
Dear Jasmine:

Thanks for choosing InfoTaxSquare.com for your business needs. We advice you to please contact to Division of Corporation or Secretary of State of your State.

Dear sir
I'm mr, nawab from India , sir wright now I'm in new York ,
I want to start my business here with small quantity so witch
Company like corporation or incorporation is the best for me ,
Please show me the true way ,
Best regards
Nawab

Reply : infotaxsquare.com

Dear Nawab:

Thanks for choosing InfoTaxSquare.com for your business needs. We can help you to register business in New York. You can either call us at 516.822.3100 to discuss in person or use the following link to read more about establishing business.